Overall rents up 12%
Toronto condominium rents saw the largest gains, surging by more than 24 per cent to $2,583 from $2,077.
“Overall, the GTA rental market has flattened out this year, however, the downtown condo rental market is hotter than any period since the fall of 2019,” Ben Myers, president of Bullpen Research & Consulting, said in a press release.As the economy continues to reopen and workers return to downtown offices after two years, demand for downtown condo rents have skyrocketed back to pre-pandemic levels.
While the report said rents are expected to continue to increase, they may not be at the same pace as the one experienced in the second half of last year. Average monthly rents saw eight consecutive months of increases from April 2021 following a decline for most of 2020 and early 2021, when the COVID-19 pandemic hit markets the hardest.
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